The Ministry of Finance has revealed that the nominal Gross Domestic Product (GDP) of the Maldives will surpass USD6.4 billion in 2023.
The Macroeconomic Update report published by the finance ministry described the economic situation of the Maldives. As such, the report stated the nominal GDP of the Maldives is expected to surpass USD6.4 billion mark for the first time, the biggest change in the economy so far.
Minister of Finance Ibrahim Ameer said the country's economic growth is a testament to the sound macroeconomic policies adopted by the government to achieve steady growth regardless of the multiple obstacles faced. He also said the tourism sector is booming, which is also boosting transportation, construction, and other industries.
International financial institutions are also noting the economic progress made by the Maldives. As such, the World Bank also said that the economy of the Maldives is the fastest-growing economy in the South-Asian region.
The World Bank's latest Maldives Development Update (MDU) on the economic growth of the Maldives over the past year stated revealed that the tourism growth in the Maldives is having a positive impact on the real estate, transport and trade industries. As such, the World Bank said the economy grew by 12.3% due to the growth in these industries.